IRIS Accounts Production v23.3.1.45 SC536451 director 1.6.22 31.5.23 31.5.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5364512022-05-31SC5364512023-05-31SC5364512022-06-012023-05-31SC5364512021-05-31SC5364512021-06-012022-05-31SC5364512022-05-31SC536451ns10:Originalns15:Scotland2022-06-012023-05-31SC536451ns14:PoundSterlingns10:Original2022-06-012023-05-31SC536451ns10:Originalns10:Director12022-06-012023-05-31SC536451ns10:Original2022-06-012023-05-31SC536451ns10:Original2023-05-31SC536451ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-31SC536451ns10:Originalns10:SmallEntities2022-06-012023-05-31SC536451ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-31SC536451ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-31SC536451ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-31SC536451ns10:Originalns10:FullAccounts2022-06-012023-05-31SC536451ns10:Originalns10:RegisteredOffice2022-06-012023-05-31SC536451ns10:Original2022-05-31SC536451ns10:Originalns5:CurrentFinancialInstruments2023-05-31SC536451ns10:Originalns5:CurrentFinancialInstruments2022-05-31SC536451ns5:ShareCapitalns10:Original2023-05-31SC536451ns5:ShareCapitalns10:Original2022-05-31SC536451ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-31SC536451ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-31SC536451ns10:Originalns5:FurnitureFittings2022-06-012023-05-31SC536451ns10:Originalns5:MotorVehicles2022-06-012023-05-31SC536451ns10:Originalns5:ComputerEquipment2022-06-012023-05-31SC536451ns10:Original2021-06-012022-05-31SC536451ns10:Originalns5:FurnitureFittings2022-05-31SC536451ns10:Originalns5:MotorVehicles2022-05-31SC536451ns10:Originalns5:ComputerEquipment2022-05-31SC536451ns10:Original2022-05-31SC536451ns10:Originalns5:FurnitureFittings2023-05-31SC536451ns10:Originalns5:MotorVehicles2023-05-31SC536451ns10:Originalns5:ComputerEquipment2023-05-31SC536451ns10:Originalns5:FurnitureFittings2022-05-31SC536451ns10:Originalns5:MotorVehicles2022-05-31SC536451ns10:Originalns5:ComputerEquipment2022-05-31
REGISTERED NUMBER: SC536451 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

SGM TECHNOLOGY LTD

SGM TECHNOLOGY LTD (REGISTERED NUMBER: SC536451)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SGM TECHNOLOGY LTD

Company Information
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: S MacFarlane





REGISTERED OFFICE: 72 Dunnichen Avenue
Gowanbank
Forfar
DD8 2EJ





REGISTERED NUMBER: SC536451 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

SGM TECHNOLOGY LTD (REGISTERED NUMBER: SC536451)

Balance Sheet
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,414 35,698

CURRENT ASSETS
Debtors 5 20,000 18,482
Cash at bank 17,503 5,221
37,503 23,703
CREDITORS
Amounts falling due within one year 6 32,827 28,392
NET CURRENT ASSETS/(LIABILITIES) 4,676 (4,689 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,090

31,009

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 26,990 30,909
SHAREHOLDERS' FUNDS 27,090 31,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 February 2024 and were signed by:





S MacFarlane - Director


SGM TECHNOLOGY LTD (REGISTERED NUMBER: SC536451)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

SGM Technology Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

SGM TECHNOLOGY LTD (REGISTERED NUMBER: SC536451)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 1,294 59,638 16,340 77,272
Additions 1,494 - 2,844 4,338
Disposals (194 ) - - (194 )
At 31 May 2023 2,594 59,638 19,184 81,416
DEPRECIATION
At 1 June 2022 590 30,608 10,376 41,574
Charge for year 677 12,665 4,241 17,583
Eliminated on disposal (155 ) - - (155 )
At 31 May 2023 1,112 43,273 14,617 59,002
NET BOOK VALUE
At 31 May 2023 1,482 16,365 4,567 22,414
At 31 May 2022 704 29,030 5,964 35,698

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Directors' current accounts 20,000 18,482

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 6,664 340
Tax 6,527 3,335
Social security and other taxes - 26
VAT 1,126 1,099
Other creditors 17,010 22,842
Accrued expenses 1,500 750
32,827 28,392